Artificial Intelligence Market
Artificial Intelligence Market (Type - Automated Robotic System, Expert System, Embedded System, Digital Assistance System, and Artificial Neural Network; Application - Cyber Security, Context Aware Processing, Speech Recognition, Video Analysis, Gesture Control, Language Processing, Querying Method, Digital Personal Assistant, Image Recognitio, Smart Robots, and Deep Learning) - Global Industry, Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Press Release :
The rising demand for artificial intelligence technologies can be attributed to the stellar pace of digital transformation. A range of devices and equipment function on the principle of artificial intelligence, and this is an important consideration from the perspective of market growth. Furthermore, the growing value of the artificial intelligence market is a positive sign for the digital economy. Several industries have digitalised processes, and have invested in core AI technologies. The automation industry has caused positive disruptions across key industries, paving way for the popularity of artificial intelligence technologies.
- Artificial intelligence technologies have helped in adding a new layer of security and safety to several industries. AI has helped in enhancing both physical and cyber security. Biometric sensors and identification devices are based on the concept of artificial intelligence. Moreover, high-security premises are secured with codes that function AI nodes.
- There is growing relevance of AI in the healthcare industry. The advent of digital health technologies has generated formidable revenues within the global artificial intelligence market. Moreover, automated doors used in several commercial houses function on the principle of presence-sensing. It is legit to expect that the global artificial intelligence market would grow at dramatic pace in the coming times.
Artificial Intelligence Market in Brief
- The artificial intelligence market is expected to register a CAGR of 24.5% between 2019 and 2027. The market is projected to be driven by rapid increase in dependency over automation and IoT.
- The global artificial intelligence market is expected to reach US$ 5,508.4 Bn by 2027 from US$ 953.5 Bn in 2019. Rising adoption of smartphones and digital devices is expected to boost the growth of the market.
- The artificial intelligence market in Asia Pacific and Middle East & Africa is anticipated to expand at a rapid pace during the forecast period, followed by South America.
- North America remains the dominant leader in the global artificial intelligence market in year 2019 primarily due to tremendous growth in adoption of smart devices among both millennial and older population.
- North America is projected to see significant growth in the global artificial intelligence market during the forecast period. Strong network infrastructure and increasing adoption of digital and virtual devices is expected to drive the consistent growth of the North America artificial intelligence market.
Request a sample to get extensive insights into the Artificial Intelligence Market
Artificial Intelligence Market Definition
- The artificial intelligence market report provides analysis of the global artificial intelligence market for the period 2017 – 2027, wherein 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
- The report studies the artificial intelligence market from the perspective of different type and application.
North America Artificial Intelligence Market - Snapshot
North America is seen as a new growth hub for AI technology. Asia Pacific is expected to see highest opportunity addition in the artificial intelligence market globally, with Europe being the next closest region.
To understand how our report can bring difference to your business strategy, Ask for a brochure
Key Growth Drivers of the Artificial Intelligence Market
- Companies leveraging on disruptive technologies for effective customer reach - Most companies are currently leveraging on new and innovative disruptive technologies to reach out to customers. These marketing activities include social, mobile, analytics, and cloud (SMAC) which helps in transforming the enterprise into a global digital business. In social activities, the different networking sites are monitored, and relevant or raw information is collected in the virtual format. Pervasive analytics and embedded analytic solutions are deployed for analyzing the information, and relevant marketing information is shared over the cloud database with customers. The SMAC process is continuously evolving on a daily basis. Disruptive technologies are expected to drive the demand for artificial intelligence solutions among companies investing in online marketing activities. For instance, several leading E-commerce companies such as Amazon, Flipkart are currently focusing on tapping SMAC capabilities to enhance their online shopping experience through artificial intelligence. The driver is anticipated to have a high impact throughout the forecast period from 2019 to 2027.
- Expanding application base of artificial intelligence solutions - With the growing advancements in big data analytics, the widening application base of artificial intelligence solutions can be seen as a major factor which is driving the global artificial intelligence market. Majority of the applications of artificial intelligence can be observed across sectors such as health informatics, BFSI, E-commerce, and retail, among others. For instance, in 2013, London Brand Management Ltd. developed an innovative artificial solution to promote BMW’s first electric production car with the help of an automated information service for UK customers. In the healthcare sector, artificial intelligence solutions are being utilized for different purposes including medical diagnosis, and medical data processing and analysis, among others. Artificial intelligence solutions usually work alongside doctors in order to provide highest care quality. Moreover, in the banking and financial sector, the artificial intelligence systems can be used to ensure minimum risk by identifying all the potential threats through the extensive analysis of historical and existing data or information. The widening application base of artificial intelligence solutions is encouraging enterprises across the world to increase their IT spending across these sectors including healthcare, finance, and E-commerce, among others.
Stuck in a neck-to-neck competition with other brands? Request a custom report on Artificial Intelligence Market
Key Challenges Faced by Artificial Intelligence Market Players
- The global artificial intelligence market is currently challenged by the low upfront investment across the world. Most of the artificial intelligence companies are facing extreme difficulties in accumulating the early stage funds for research and development of prototypes and supporting technologies. Moreover, the long investment horizon for various artificial intelligence innovations is also acting as a major barrier towards the market growth. As the artificial intelligence is one of the cutting-edge technology, the interested companies may delay or reconsider the high investments.
Artificial Intelligence Market - Company Profile Snapshot
The research study includes profiles of leading companies operating in the global artificial intelligence market. Key players profiled in the report include
- QlikTech International AB
- MicroStrategy Inc.
- IBM Corporation
- Google, Inc.
- Brighterion Inc.
- Microsoft Corporation
- IntelliResponse Systems Inc.
- Next IT Corporation
- Nuance Communications
- eGain Corporation
Companies are shifting toward advanced technology to gain competitive advantage in the artificial intelligence market apart from maintaining their position in the market.
A new study on the global artificial intelligence market was published by Transparency Market Research (TMR). It presents a wealth of information on the key market dynamics including the drivers, market trends, and challenges, as well as the structure of the artificial intelligence market. TMR’s study offers valuable information about the artificial intelligence market, to illustrate how growth will discern during the forecast period 2019-2027.
Key indicators of market growth, which include value chain as well as supply chain analysis, and Compound Annual Growth Rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret the quantitative growth aspects of the artificial intelligence market during the forecast period.
An extensive analysis on leading market players’ business strategies is featured in TMR’s study on the artificial intelligence market. This can help readers understand principal factors to foresee growth in the artificial intelligence market. In this study, readers can also find specific data on the qualitative and quantitative growth avenues for the artificial intelligence market, which will guide market players in making apt decisions in the future.
Key Questions Answered in TMR’s Artificial Intelligence Market Study
What is the scope of growth of AI companies across the globe?
What will be the Y-o-Y growth of the artificial intelligence market between 2019 and 2027?
What is the influence of the changing trends in technologies on the artificial intelligence market?
Will North America continue to dominate the market for artificial intelligence?
Which factors will impede the growth of the artificial intelligence market during the forecast period?
Which are the leading companies in the global artificial intelligence market?
A unique research methodology is utilized by TMR to conduct comprehensive research on the growth of the artificial intelligence market, and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the production of the artificial intelligence market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the artificial intelligence market, as a primary resource.
These primary and secondary resources provided exclusive information during the interviews, which serves as a validation from artificial intelligence industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the artificial intelligence market with accuracy. The study also uses a top-down approach to assess the numbers for each segment, and a bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on the future prospects of the artificial intelligence market more reliable and accurate.
Segmentation of the artificial intelligence market
TMR’s study on the artificial intelligence market includes information divided into three sections - by type, application and region. Changing industry trends and other crucial market dynamics associated with these sections of the artificial intelligence market are discussed in detail.